Know the demographic your credit union is targeting
Drawing from their separate areas of expertise, Manuel Hochheimer, Janet McNeilly, and Jeanette Radmer teamed up to identify the Spokane Valley, Wash., credit union’s target demographics and introduced initiatives to broaden its market share within those segments.
The trio’s Dealer Center Outbound Conversion Program dramatically improved engagement among indirect auto loan recipients. Its University Outreach Program deepened interactions between Numerica and more than a half-dozen colleges in its service area. And the credit union’s emphasis on the growing medical, dental, educational, and small-business communities in the region meshes with its goal of attracting more 25- to 49-year-olds.
Radmer sums up the team’s strategy: “Be strategic in your business development efforts. Know the demographic your credit union is targeting in its efforts to be successful and thrive in the future. Then, reach out to that demographic, get to know them, and introduce them to the benefits your credit union has to offer.”
The group’s successful onboarding program stands out as its chief accomplishment. In the past year, Numerica connected with approximately 70% of its indirect members, converting nearly 20% of them into primary financial institution members—a rate about 10 times the industry average.continue reading »